SEBI Gives Adani Group a Clean Chit, Finds No Merit in Hindenburg Allegations

New Delhi (The Uttam Hindu): The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group, dismissing allegations made by US-based short-seller Hindenburg Research. SEBI's investigation found no breach of regulatory norms by the Adani Group's companies.

Key Findings:

1. No Regulatory Breach: SEBI concluded that the allegations against the Adani Group were not established.

2. No Penalty: As a result, SEBI decided not to impose any penalty on the Adani Group.

3. Companies Cleared: The regulator cleared Adani Enterprises, Adani Ports, Adani Power, and other group entities of any wrongdoing.

Background

In January 2023, Hindenburg Research published a report accusing the Adani Group of stock manipulation, improper use of offshore tax havens, and inflated valuations. The report triggered a significant sell-off, causing Adani Group's stock prices to plummet by over 70% in some cases, resulting in a loss of over $150 billion in market value.

Adani Group's Response: The Adani Group denied all allegations, calling them "baseless" and a "malicious attempt to undermine" the company. They claimed Hindenburg's report was motivated by their short position against the Adani Group.

Current Market Status

1. Adani Enterprises Ltd: ₹2,402.00 (0.00% change)

2. Adani Power Ltd: ₹630.85 (0.11% change)

SEBI's clean chit is expected to boost investor confidence in the Adani Group. The regulator's decision comes after a thorough investigation into the allegations made by Hindenburg Research.